Targa Resources (NYSE:TRGP) Stock Gets Price Target Increase from Morgan Stanley

Targa Resources (NYSE:TRGP) had its price target boosted by research analysts at Morgan Stanley from $359.00 to $362.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Morgan Stanley‘s price target suggests a potential upside of 28.00% from the company’s previous close.

A number of other research firms also recently issued reports on TRGP. TD Cowen raised shares of Targa Resources from a “hold” rating to a “buy” rating and raised their price objective for the stock from $275.00 to $350.00 in a report on Friday, September 18th. Capital One Financial upped their target price on shares of Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. Jefferies Financial Group dropped their price target on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Royal Bank Of Canada boosted their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $326.37.

Targa Resources Stock Performance

TRGP stock traded up $9.19 during trading on Tuesday, reaching $282.82. The stock had a trading volume of 396,850 shares, compared to its average volume of 1,305,159. The firm has a market cap of $60.65 billion, a PE ratio of 25.03, a PEG ratio of 1.17 and a beta of 0.76. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The stock’s 50 day moving average is $289.01 and its two-hundred day moving average is $261.76. Targa Resources has a 52 week low of $166.18 and a 52 week high of $316.60.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. As a group, equities analysts anticipate that Targa Resources will post 11.51 earnings per share for the current year.

Insider Buying and Selling

In other Targa Resources news, Director S Davis sold 2,400 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Chung sold 1,816 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC lifted its stake in shares of Targa Resources by 0.6% during the 3rd quarter. HighTower Advisors LLC now owns 176,895 shares of the pipeline company’s stock worth $47,816,000 after purchasing an additional 1,037 shares during the last quarter. Silver Oak Securities Incorporated purchased a new position in Targa Resources in the third quarter valued at about $792,000. Bessemer Group Inc. raised its holdings in Targa Resources by 4.4% in the third quarter. Bessemer Group Inc. now owns 2,873 shares of the pipeline company’s stock worth $776,000 after purchasing an additional 121 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Targa Resources by 15.4% in the third quarter. Hantz Financial Services Inc. now owns 929 shares of the pipeline company’s stock worth $251,000 after purchasing an additional 124 shares in the last quarter. Finally, Harbour Investments Inc. lifted its position in shares of Targa Resources by 22.0% during the third quarter. Harbour Investments Inc. now owns 942 shares of the pipeline company’s stock valued at $255,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.